THE LAZARD SUMMIT: CARPE DIEM & CAVEAT EMPTOR

By Urs M. Dür

From Freshly Minted, November 9, 2000.

Lazard Frères hosted their “Tanker Summit” in Manhattan on the 7th of November. The event focused on the fundamentals supporting the shares of Stolt Nielsen (OTC: STLBY), Teekay Shipping (NYSE: TK), Knightsbridge Tankers (OTC: VLCCF), Nordic American Tankers (AMEX: NAT) and Frontline Ltd (OTC-ADR: FRONY). Notable absentees were OMI and OSG.

The summit stressed the promising bullish fundamentals of the crude tanker market. It also revealed some real investor skepticism as to whether the boom was fundamentally sustainable and whether any further investment in the field, in light of this year’s run-up in tanker shares was warranted at this time.

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